Cuomo announces launch of America's largest business plan competition

by jmaloni

Submitted

Wed, Feb 5th 2014 12:45 pm

43North

"43North" will award $5 million to attract startups to Western
New York

Gov. Andrew M. Cuomo today announced
the launch of the largest business competition in the U.S. Details for the
Buffalo competition, as well as its new brand, 43North (www.43North.org), were revealed at a press
conference at One Canalside, a newly rehabbed building overlooking the transformative
new construction along Buffalo's waterfront.

The competition - named after the
latitudinal line that runs through Western New York - features $5 million in
cash prizes, with a top prize of $1 million, and is part of Cuomo's "Buffalo
Billion" initiative, which is driving economic development throughout Buffalo
and Western New York.

"For the past decade, Buffalo has
slowly and steadily been on the move - you can see it in our skyline, in new,
burgeoning neighborhoods like the Medical Campus and Larkinville, and in the
organic growth of our business community with exemplary leadership from Eric
Reich of Campus Labs, George Chamoun of Synacor and Ashok Subramanian of
Liazon," said 43North Steering Committee Chairman Jordan Levy. "Our city is
ready for the next phase in growth and development. I'm excited to be part of
the movement that is bringing entrepreneurs to our community and making Buffalo
a place where startups are welcomed and encouraged."

43North is designed to
systematically generate new business ventures in Western New York, while
providing mentoring and other aid for aspiring entrepreneurs; supporting
early-stage firm growth; and attracting additional venture funding. The
objective of this bold and proven approach is to position upstate New York and
the greater Buffalo/Niagara region squarely on the map of America's newest
innovation and entrepreneurship hotbeds.

In addition to the top cash prize of
$1 million, 43North will award six $500,000 prizes and four $250,000 prizes.
Winners also receive free incubator space for a year, guidance from mentors
related to their field, and access to other incentive programs, like Start-Up
NY.

43North is open to applicants ages
18 and over from anywhere in the world in any industry, with the exception of retail
and hospitality. Winners agree to operate their business in Buffalo for a
minimum of one year.

The competition will be broken down
into three rounds, with each round being judged independently of one another.

•Round 1 (Feb. 5 - May 31): Applications
from prospective businesses will be accepted via the competition's website, www.43North.org. The purpose of round one is
for applicants to provide a vision for their venture, including their business
concept, target customers, industry overview, competitive landscape and revenue
potential. This submission is not intended to be as comprehensive as a detailed
business plan, but should provide the judges with a summary of the major
elements of the venture.

•Round 2 (Sept. 15-20): The
semifinalists will present further detail on their plan, along with a 10-minute
online presentation to 43North's judging panel, followed by 10 minutes of questions.
The plans put forward in round two will include the venture's business concept,
value proposition, competitive analysis, communication and distribution
channels, client relationships, key stakeholders, resources and activities,
cost structure, revenue streams and financial considerations.

•Round 3 (Oct. 27-31): The final
stage of the competition is for finalist teams to pitch their business in
person to a panel of judges in Buffalo. Each team will have 10 minutes to sell
their business idea, followed by 10 minutes of questions. Teams will be
assessed on overall organization of the presentation; the team's ability to
"sell" the idea and need for the company; the team's ability to defend the plan
and be responsive to questions; and the quality of the overall plan. The
competition concludes with the selection of winners and celebrations.

43North.org will provide applicants
with the information needed for the competition, and will feature competition
details such as staff, funding and mentor resources, as well as news, updates,
videos, social media sharing capabilities, and information about living and
working in Western New York.

To spread the word about the
competition and attract applicants from across the country and around the
world, 43North is embarking on an aggressive roadshow that will include stops
in 12 U.S. cities, southern Ontario, India, China and Israel.

"Thanks to Gov. Cuomo and the
efforts of local business leaders Jordan Levy and Howard Zemsky, Buffalo will
now be home to the nation's largest business plan competition of its kind,"
said 43North Executive Director Andrew Pulkrabek. "As a result, Buffalo stands
to be the beneficiary of new innovation, industry and jobs from bright minds
across the U.S. and around the world. This competition will also help grow
Buffalo's entrepreneurial economy for years to come."

"To create the type of
entrepreneurial ecosystem that is required to attract the best and brightest
business minds, we needed to raise the stakes and design a contest that will go
above and beyond some of the traditional financial offerings of previous
competitions," said Howard Zemsky, WNY Regional Economic Development Council
co-chair and managing partner at Larkin Development Group. "Thanks to Gov.
Cuomo and the New York Power Authority, we now have the means to make Buffalo a
more competitive city in the world of startups. 43North will attract
entrepreneurial champions who have the ability to invigorate the existing
business community and attract future startups to the Western New York region."

"This competition builds on the
strengths of the Western New York Region by inviting and encouraging ideas that
will ultimately result in job creation," said Satish K. Tripathi, WNY Regional
Economic Development Council co-chair and president of the University at
Buffalo. "The winners will be coming to Buffalo at an exciting time of growth
and economic revival. This is a tremendous opportunity for the best and
brightest startup minds to be a part of the renaissance."

In May, the New York Power Authority
trustees approved $5.4 million in funding for the international business plan
competition. The award came from a recommendation by the WNY Power Proceeds
Allocation Board to apply the revenues from the sale of unutilized hydropower
toward the concept of a competition. These funds were subsequently committed to
the nonprofit Launch NY for management of the competition and eventual
distribution of funds.

"Gov. Cuomo has spared no effort to
spur conditions for unleashing Western New York's great economic potential, as
demonstrated by his 'Buffalo Billion' initiative and the 43North global
business plan competition," said John R. Koelmel, NYPA chairman. "The Power
Authority is proud to be supporting these efforts, including the funding that
we're providing to make the 43North business plan competition a reality from
proceeds obtained from the sale of unutilized Niagara hydropower."

"With $2.2 billion in new economic
development activity currently underway in Buffalo, I'm excited to see this $5
million business plan competition attract creative ideas that turn into funded,
high-growth enterprises that spur even more investment and job growth for city
residents," said Mayor Byron W. Brown. "This competition, part of Gov. Cuomo's 'Buffalo
Billion' initiative, heightens Buffalo's visibility on the business radar,
providing us with another great opportunity to showcase our city as a vibrant
place to live, work and invest because of Buffalo's improved fiscal condition,
diverse economy, skilled workforce and safe neighborhoods."

Four full-time staff members plus a
steering committee chaired by Levy will lead 43North. Staff members include Pulkrabek,
executive director; Peter Burakowski, senior marketing manager; Jon Spitz,
operations manager; and Christa Vidaver, events manager. The committee is
comprised of local leaders in business and investment, including Zemsky, Scott
Friedman of Lippes Mathias Wexler Friedman LLP, Ron Schreiber of Softbank
Capital, David Zebro of Strategic Investments & Holdings Inc., and Sharon
Randaccio of Performance Management Partners Inc.